Amendments to the Operational Rules for Organized Power Exchange on the CMBC segment

Independent Bulgarian Energy Exchange (IBEX) EAD adopted amendments to the Operational Rules for Organized Power Exchange on the Centralized Market for Bilateral Contracts (CMBC) segment, which shall come into force on 21.01.2019.
One of the main goals of IBEX EAD is the development of a transparent, non-discriminatory and liquid power exchange market by providing harmonized and correct Rules for operation on the respective segments. In regards to this the operator adopted additional amendments to the CMBC Rules in order to improve the conditions for participation of market participants. The main changes consist of the following:

  • As a consequence of a market participants proposal, an insurance-guarantee is added in the rules, and Art.103 and Art.145 have been updated;
  • In Article 77.2 the text “and Sellers” is added, as the requirements of Chapter XIII and Chapter XIV apply to both parties of the transaction;
  • The provision of Art. 78 on the utilization of the collateral guarantee from the defaulting party is updated;
  • Art. 103.16 “Penalty for temporary suspension of the effect of a Supplementary agreement to the contract” is added;
  • In Art. 130 a requirement for initiating an auction only by authorized persons is added – “The request for initiating an auction is to be sent by the authorized person specified in the contract for participation on the CMBC”;
  • In Chapter XIII и and XIV the section titles are deleted and the regulation texts in relation to the screens to which they refer are correctly specified
  • A new Article 170.3 “In the event of non-performance /non-acceptance/non-delivery of the contracted electricity under Art. 171/, the defaulting party owes a penalty at the amount of the defined one by the Initiator of the auction under Art. 103.11. The penalty shall be subject to payment within 5 /five/ working days, after being claimed in writing”;
  • As a consequence, made by the members of the Customer Advisory Board, Art. 185.1. is updated from “average” to “weighted average” prices.